RACINE, Wis. (AP) -- Modine.'s fourth-quarter net income climbed 35 percent on lower expenses as sales of commercial products increased. But its fiscal 2013 earnings outlook disappointed investors and shares slid early Friday.
The heating and cooling products maker earned $16.2 million, or 34 cents per share, for the period ended March 31. That's up from $12 million, or 25 cents per share, a year earlier.
Analysts forecast earnings of 23 cents per share, according to a FactSet survey.
Selling, general and administrative expenses declined to $46.7 million from $52.5 million.
Revenue fell 2 percent to $388.7 million from $396.8 million, hurt by unfavorable foreign currency translation.
Modine said sales were weak in South America, Asia and Europe. Sales for the commercial products unit rose 8.6 percent mostly because of new products that rolled out in the U.K. North America original equipment sales climbed 1.1 percent mostly due to higher volumes in the heavy duty truck and off highway markets.
For the full year, Modine earned $39.1 million, or 81 cents per share. In the previous year it earned $5.2 million, or 18 cents per share.
Annual revenue rose 9 percent to $1.58 billion from $1.45 billion.
Excluding European restructuring efforts, Modine expects fiscal 2013 earnings of 60 cents to 70 cents per share. Revenue is expected to drop 5 percent to 10 percent, which implies approximately $1.5 billion to $1.42 billion.
Analysts predict full-year earnings of $1.03 per share.
Shares of Modine Manufacturing Co.'s fell 34 cents, or 5.3 percent, to $6.14 in morning trading. Over the past year, the stock has traded in a range of $5.68 to $16.02.
Modine says its restructuring program in Europe is meant to align the country's cost structure with its focus on the commercial vehicle market. The Racine, Wis. company anticipates costs related to the restructuring will be about $13 million to $25 million, which will be spread out over multiple years. There will also be some additional non-cash charges.